Citi raised Insulet (NASDAQ:PODD) Buy from Neutral in a note Monday, while Baird took the opposite approach and downgraded the stock to Neutral from Outperform.
Citi analysts told investors that the upgrade follows the stock's share price decline this year. However, they lowered the price target to $265 from $273.
"With the stock down 37% from its high (May 5, 2023) and down 29% YTD (essentially giving back the entire move from the Omnipod 5 launch), we are upgrading PODD to Buy from Neutral," they wrote.
Meanwhile, Baird analysts also lowered the firm's price target on PODD to $219 from $320 per share. They said that after the investment bank updated its 10-year insulin pump global market model and its company-specific revenue projections to account for recent survey results, they "now see ~$670M in lower potential revenue for PODD by 2033."
"We now see 12-month risk/reward more balanced for PODD," they said.